The tax that’s out to get you...and how to beat it!
It’s the Alternative Minimum Tax—also called the Millionaires Tax—but, if your income is between $75,000 and $100,000 you are more likely to be paying it than someone who
earns $1million annually. Accountants say couples with $100,000 in adjusted gross income are facing AMT bills in the thousands.
Even worse: You can unwittingly invite the AMT into your life by making certain financial transactions. BUT, there are easy ways to minimize the AMT...the secrets are in
itemized deductions, personal exemptions and the timing of selling stocks. Send for Consumer Reports Money Adviser now for facts the IRS doesn’t tell you.
Appliances worth replacing - or not.
Would the money you save in energy costs justify the cost of replacing your old refrigerator,washing machine or dishwasher? We compared operating costs of new energy-efficient models with a typical model built 20 years ago and found only the refrigerator would recoup its replacement cost in a reasonable amount of time.
Buying a major appliance using a debit card
When you use your debit card to purchase an item, it’s just like using cash. That means if you have a problem with the product, you must deal with the merchant to resolve the issue. And even if you succeed, you’ll probably be limited to the store’s policy for returns. In contrast, when you use a credit card, the credit card company will dispute a charge with a merchant at your request. More information in Money Adviser!
